According to an amended 13D filing on Yahoo! (NASDAQ:YHOO), billionaire and activist investor Carl Icahn disclosed he lowered his stake in the Web Portal to 4.48%, or 62.9 million shares. Mr. Icahn sold 12.7 million Yahoo! shares between August 27 and August 31.
The 13D filing states: “The Reporting Persons determined to dispose of Shares that were sold in order to provide a more desired balance in their portfolios relating to tech stocks, especially in view of the fact that the Issuer’s “window” for sales by officers and directors would be closing after August 31, 2009. The sales in no way were intended to reflect the Reporting Persons’ long term view of the Issuer, since the Reporting Persons are optimistic about its long term prospects. The Reporting Persons continue to believe in the wisdom of the Microsoft-Yahoo search transaction and fully support the performance of the Issuer’s CEO, Carol Bartz.
The Reporting Persons continue to reserve the right to engage in purchases and/or sales of Shares at any time and from time to time, in the open market, in private transactions or otherwise during periods when the “window” is open.”
Initial 13-D: Icahn’s Sales in the past 60 days:
As a result of the transactions, states the filing, the Reporting Persons ceased to be the beneficial owners of more than 5% of the shares and are no longer subject to the reporting requirements of Rule 13d-1(a) of the Exchange Act.